Market Update

Europe: Shares Step Lower After Slovak Vote

Oct 12, 2011

Stocks in Europe moved lower in early trade Wednesday, after Slovakia last evening disapproved of enhancing the Euro-zone bailout fund, and as broker downgrades and U.S. earnings weighed on sentiment.

At the time of writing, Britain's FTSE, France's CAC and Germany's DAX were trading lower by 0.5% to 0.9%.

Bank stocks were broadly lower: Credit Agricole, Deutsche Bank, Lloyds Banking and Royal Bank of Scotland were off between 0.6% and 1.8%.

In news-driven movers, BAE Systems Plc fell 1.1% after a trading update while Burberry Group Plc gained 1.1%. ASML Holding NV was up 1.5% after posting its quarterly earnings.

Shares in Natixis fell 2.8% following a broker downgrade.

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